Investor Relations (IR) Questions: Athersys, Inc ATHX

Answers received: September 2012Thanks for your interest in the company. With respect to your questions:

We generate cash for investment into our research and development activities from several sources: grant proceeds, license fees and R&D payments from business partners (e.g., Pfizer, etc.) and from the issuance of equity from time to time. Each of these will continue to play an important role in funding our activities over the next several years, as we work through multiple value creation milestones.

On the equity side, our latest offerings were in March 2012 (~$9 million) and February 2011 (~$13 million). We also have an equity facility in place, which enables us to sell shares periodically to an investor. Important milestones for the company include: (1) agreement with FDA on design of phase 2-3 study for GvHD, (2) business deal for MultiStem or 5HT2c agonist program, (3) completion of phase 2 study, with Pfizer, for treatment of ulcerative colitis, and (4) completion of phase 2 study for treatment of ischemic stroke, all targeted in next 18 months.